The company made the announcement during trading hours today, 11 July 2013. The stock jumped 7.30% to Rs 58.80 on Thursday, 11 July 2013. It has risen 10.04% in two trading sessions from Rs 54.80 on 10 July 2013.
Meanwhile, the S&P BSE Sensex was up 167.86 points, or 0.85%, to 19,843.92.
On BSE, 11,000 shares were traded in the counter as against an average daily volume of 28,830 shares in the past one quarter.
The stock hit a high of Rs 61.35 and a low of Rs 58.50 so far during the day. The stock had hit a 52-week high of Rs 129.95 on 4 October 2012. The stock had hit a 52-week low of Rs 52.40 on 10 July 2013.
The stock had underperformed the market over the past one month till 11 July 2013, sliding 15.27% compared with the Sensex's 2.78% rise. The scrip had also underperformed the market in past one quarter, falling 27.09% as against Sensex's 6.12% rise.
The small-cap company has an equity capital of Rs 37.21 crore. Face value per share is Rs 10.
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Diamond Power Infrastructure issued a clarification denying media reports that the company may sell its cables division. The company clarified that presently there is no such proposal.
The company added that presently it is investing Rs 753 crore in expanding its MV cables and conductors division. Currently, the division constitutes a revenue of Rs 1800 crore, which is over 80% of the company's sales. Post expansion, the revenue of this division will grow to Rs 4100 crore by 2015-2016, as per appraisal of the funding institutions and independent validators.
Diamond Power said that it is very bullish about the growth in the retail and corporate sales segment in power cables. It is in the process of introducing other products in the electrical goods segment. The company said that it will be a long term player in this segment.
Net profit of Diamond Power Infrastructure rose 7.35% to Rs 32.56 crore on 38.93% rise in net sales to Rs 736.47 crore in Q4 March 2013 over Q4 March 2012.
Diamond Power Infrastructure manufactures power transmission equipment and provides turnkey services.
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